PwC’s 2024 AI Jobs Barometer Reveals: AI Job Growth Spurs Opportunities and Challenges for Young Workers

PwC’s 2024 AI Jobs Barometer reveals that industries rapidly adopting AI—such as professional services, financial services, and technology—are experiencing productivity growth five times faster than those with slower AI adoption. Workers possessing AI skills can command up to a 25% wage premium.

AI is revolutionizing worker capabilities and their value to employers, presenting a significant opportunity for young people. However, to capitalize on this, young workers must quickly acquire or demonstrate AI-relevant skills.

According to the AI Jobs Barometer, the skills employers seek are changing 25% faster in occupations likely to involve AI. PwC’s 27th Annual Global CEO Survey indicates that 69% of CEOs across all industries believe AI will necessitate most of their workforce developing new skills. Young workers must join this race to stay competitive.

The positive news is that young people are ready to adapt. PwC’s 2024 Global Workforce Hopes and Fears survey shows that nearly two-thirds of young people are optimistic about workplace changes. An overwhelming 70% believe GenAI offers opportunities to learn new skills and improve work quality.

Despite this optimism, 55% of young employees worry about job security. Organizations can alleviate these concerns by being transparent about AI-related changes and engaging the workforce. Encouraging citizen-led learning, where employees can experiment and provide feedback without fear, can help embed change successfully.

Employers need to note these insights into the next generation’s attitudes and mindset and provide opportunities for skill-building in AI. According to the Hopes and Fears survey, 39% of young workers might leave their jobs within the next year, with over half citing opportunities to learn new skills as a key factor in their decision to switch jobs. This underscores the need for continuous learning initiatives to retain young workers and help them succeed in an AI-driven age.

A successful approach adopted by PwC and many of its clients is a skills-first recruitment strategy, where hiring focuses on abilities rather than formal qualifications or work history. This approach, supported by PwC’s analysis for the World Economic Forum’s report “Putting Skills First: Opportunities for Building Efficient and Equitable Labour Markets,” allows for greater hiring agility and opens high-value employment opportunities to talented young individuals lacking extensive work experience.

Overall, the results indicate that the young workforce is eager to upskill and embrace new technologies, foreseeing positive benefits ahead. While there’s speculation about AI’s impact on work, PwC’s findings suggest that young people may benefit from starting their careers as AI accelerates—and they recognize this potential. Employers and society must help them seize the opportunity, with skills-first hiring being an excellent starting point.

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